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Sep 24, 2012
09/12
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the spending cuts when you look at the fiscal cliff spending cuts it is government salaries, private sector contracts, food safety. they will have to squeeze money out of all of those areas, fbi, fema. food assistance, education grants. they will be taking a hatchet and just cutting programs so that they can abide by the law, the law to cut all of these costs. >> those look like the obvious big chunks. when you go to another chunk and that is research and development. can you sort of outline for me what sort of a tipping point is that? >> so a lot of people who follow science and innovation are concerned. if we are going to lead into the next century we have to maintain our innovative edge. the fiscal cliff will mean big cuts to federally funded research. and this is the way one of the industry groups has looked at this. 200,000 job cuts by next year. the cost of gdp could be $860 billion. so what does that mean? how much is that? if you look at the low end of estimates for what the economy will be hurt, how badly hurt by just cuts it is six months of new vehicle perches, two years o
the spending cuts when you look at the fiscal cliff spending cuts it is government salaries, private sector contracts, food safety. they will have to squeeze money out of all of those areas, fbi, fema. food assistance, education grants. they will be taking a hatchet and just cutting programs so that they can abide by the law, the law to cut all of these costs. >> those look like the obvious big chunks. when you go to another chunk and that is research and development. can you sort of...
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Oct 27, 2012
10/12
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he's talking about the sequester, the part of the fiscal cliff that mandates huge, sharp automatic spending cuts. he says it's not going to happen. how can the president be so sure? >> well, he can be sure because when the people vote on november 6th and the president is re-elected, a strong message will be sent that the american people want a balanced approach to solving this problem, and there are plenty of people on both sides who want to get that done and will get that done. >> no talks of congress. no effort to make any real progress right now. just a wait until after the election, and it will be all fine kind of thing. sorry, i'm not too reassured yet. that's an awfully big gamble when american households are facing an average tax hike of $3500, when $109 billion in automatic spending cuts -- not well thought out or smartly targeted are set to take effect next year. when the cbo has said going over the fiscal cliff will plunge the u.s. economy back into recession. with ten days until the re-election, it doesn't look like we're going to get it, not out of washington, not out of congres
he's talking about the sequester, the part of the fiscal cliff that mandates huge, sharp automatic spending cuts. he says it's not going to happen. how can the president be so sure? >> well, he can be sure because when the people vote on november 6th and the president is re-elected, a strong message will be sent that the american people want a balanced approach to solving this problem, and there are plenty of people on both sides who want to get that done and will get that done. >>...
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Sep 22, 2012
09/12
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what do we need to hear from them that tells us they're going to fix the fiscal cliff and the spending in this country? >> it's hard to ask them to give specifics when the voters don't want to hear it. when you look at what -- >> why don't they want to hear it? because it's going to hurt? >> yeah. it's sort of, well, what has to happen to our taxes if the government's borrowing so much? they have to go up. but not mine, right, somebody else's taxes have to go up or some program i want has to change. and nobody want that is. that's why the fiscal cliff is coming up because they can't agree on what to do. of course they don't want to be specific. they want to have everyone think they're going to help them when at the end of the day, somebody has to pay. that said, there are improvements they could make, the education system, infrastructure. there are things that could be done. but there are all these vested interests that block things. as candidates, they're afraid to talk about it. >> the sayivagaries are so maddening. there's a lot i'd like to know about romney's taxes and his tax poli
what do we need to hear from them that tells us they're going to fix the fiscal cliff and the spending in this country? >> it's hard to ask them to give specifics when the voters don't want to hear it. when you look at what -- >> why don't they want to hear it? because it's going to hurt? >> yeah. it's sort of, well, what has to happen to our taxes if the government's borrowing so much? they have to go up. but not mine, right, somebody else's taxes have to go up or some...
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. >> if nothing is done by the end of the year to avoid the fiscal cliff, automatic federal spending cuts could impact the foot we eat. emily schmidt explains. >> preparing for holidays is a reminder of something else around the corner. >> i just can't imagine funding being cut at this point. it was be tragic. >> she is worried budget cuts would hurt food safety inspection. that's mattered to her since her twins her born in 1999. she and her babies got listeria poisoning. contaminated food sickens about 48 million a year. 3,000 die. so the fda and usda are charged with protecting the simply. an 8.2 budget cut translates to $157 million. there's no word exactly what cuts would mean to staffing. >> both fda and usda are stretched pretty thin when it comes to the activities they do. they need increased resources and not fewer. >> agencies always say they're stretched. >> dean clancy is with freedom works and says the cuts leave nothing to fear. >> arguing that getting spending under control endangers public health and safety is a really irresponsible scare tactic. especially when you re
. >> if nothing is done by the end of the year to avoid the fiscal cliff, automatic federal spending cuts could impact the foot we eat. emily schmidt explains. >> preparing for holidays is a reminder of something else around the corner. >> i just can't imagine funding being cut at this point. it was be tragic. >> she is worried budget cuts would hurt food safety inspection. that's mattered to her since her twins her born in 1999. she and her babies got listeria...
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Nov 10, 2012
11/12
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i'm talking about the fiscal cliff. those drastic spending cuts and tax hikes that kick in if president obama and congress don't strike a budget deal by the end of the year. tom foreman reports the president could get some pointers from a former president who was also a master negotiator, abraham lincoln. >> reporter: for those looking for inspiration in these troubled times, the new movie "lincoln" may be just what the director ordered. by all accounts, a mix of personal and political wisdom. >> it is a self-evident truth of things which are equal to the same thing are equal to each other. >> reporter: at the white house, president obama has long admired the 16th president. he took the oath on the same bible lincoln used. he stopped by the lincoln memorial. he often reads about lincoln and he's quite fond of quoting the rail splitter. >> i'm far more mindful of my own failings knowing exactly what lincoln meant when he said i have been driven to my knees many times by the overwhelming conviction that i had no place els
i'm talking about the fiscal cliff. those drastic spending cuts and tax hikes that kick in if president obama and congress don't strike a budget deal by the end of the year. tom foreman reports the president could get some pointers from a former president who was also a master negotiator, abraham lincoln. >> reporter: for those looking for inspiration in these troubled times, the new movie "lincoln" may be just what the director ordered. by all accounts, a mix of personal and...
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Sep 12, 2012
09/12
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if there is no action from congress, going over the fiscal cliff means spending gets cut, that's for sure, all right? the bush tax cuts will go away. $1.2 trillion in automatic spending cuts will take effect. payroll taxes will go up. and emergency unemployment benefits will end. this will all hit in january. economists we have spoken with all have said this will lead to a recession. the congressional budget office says it could mean unemployment surges to 9% next year. if we avoid the cliff by extending some of the tax cuts or delaying or completely dodging the sequester, we sure don't address the debt problem, because we're spending a lot of borrowed money to pay for those things. so we're sort of left with a choice between two evils. which the next president will have to address. "outfront" tonight is part of cnn's in depth look at the issues, senator rob portman, republican of the swing state of ohio, romney adviser, also a member of the super committee that failed to reach an agreement, oh, that led us to the whole sequester to begin with, senator. let me start with this. so obv
if there is no action from congress, going over the fiscal cliff means spending gets cut, that's for sure, all right? the bush tax cuts will go away. $1.2 trillion in automatic spending cuts will take effect. payroll taxes will go up. and emergency unemployment benefits will end. this will all hit in january. economists we have spoken with all have said this will lead to a recession. the congressional budget office says it could mean unemployment surges to 9% next year. if we avoid the cliff by...
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we don't want that dissident we now have fiscal cliffs of spending cuts substantial and retroactive along with tax hikes at the end of this year, beginning of next year that we they'd to deal with within the context of reduction. >> when you leave, and i say thank you, i want you to go to the greenroom, you'll see the president of the university of pennsylvania, her book called the spirit of compromise. i want you to explain why this uncertainty gets blamed on democrats by republicans, because nobody is compromising. >> i'll say this and take this up back stage. before you throw a parade for bipartisanship you can have authority takenship. >> kidding me, president obama -- >> just because you have one person or one party that could theoretically get policies they want doesn't mean you'll get certainty. >> that's a good point. the president of the university of pennsylvania will talk about partisanship. i tweeted you about this, who you think more to blame for partisanship in america, politicians or voters who put them there. thanks to all of you. will, great to talk to you. diane swonk me
we don't want that dissident we now have fiscal cliffs of spending cuts substantial and retroactive along with tax hikes at the end of this year, beginning of next year that we they'd to deal with within the context of reduction. >> when you leave, and i say thank you, i want you to go to the greenroom, you'll see the president of the university of pennsylvania, her book called the spirit of compromise. i want you to explain why this uncertainty gets blamed on democrats by republicans,...
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Nov 16, 2012
11/12
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cliff. who will cave first, democrats, republicans? we have details of today's white house meeting. one. two. three. my credit card rewards are easy to remember. with the bankamericard cash rewards credit card, i earn 1% cash back everywhere, every time. [ both ] 2% back on groceries. [ all ] 3% on gas! no hoops to jump through. i earn more cash back on the things i buy most. [ woman in pet store ] it's as easy as... [ all ] one! -two. -[ all ] three! [ male announcer ] the bankamericard cash rewards credit card. apply online or at a bank of america near you. >>> severe spending cuts, huge tax hikes for everyone are now just only six weeks away. and with pressure mounting, president obama sat down at the white house today with congressional leaders from both parties to begin negotiations on a debt reduction deal that would keep the united states from going over the so-called fiscal cliff. >> i think we're all aware that we have some urgent business to do. we've got to make sure that taxes do
cliff. who will cave first, democrats, republicans? we have details of today's white house meeting. one. two. three. my credit card rewards are easy to remember. with the bankamericard cash rewards credit card, i earn 1% cash back everywhere, every time. [ both ] 2% back on groceries. [ all ] 3% on gas! no hoops to jump through. i earn more cash back on the things i buy most. [ woman in pet store ] it's as easy as... [ all ] one! -two. -[ all ] three! [ male announcer ] the bankamericard cash...
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Oct 27, 2012
10/12
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but ali, spending cuts are just part of the fiscal cliff. there are also monster tax increases that will take effect and as the bush tax cuts expire, the amt tax expires, i could go on and on, payroll tax holiday, nonpartisan tax policy center say american households face on average 3500 in higher taxes next year. middle income earners would see an increase of two grand. the wealthiest will pay more than $1,000 a month in taxes next year and yet no indication that either candidate has a plan to avert the fiscal cliff. ali, who has more leverage? the president or congress? it's a big problem. >> it's a very big problem. we have the same frustration. we've been asking these questions for months. i am fascinated it doesn't come up more and i think candy crowley is right, it's not going to come up in the next few days before the election. christine, thanks very much for that. we'll keep trying. that brings me to my next guest, norm onstein at the american enterprise institute and coa author of the book "even worse than it looks." the candidates
but ali, spending cuts are just part of the fiscal cliff. there are also monster tax increases that will take effect and as the bush tax cuts expire, the amt tax expires, i could go on and on, payroll tax holiday, nonpartisan tax policy center say american households face on average 3500 in higher taxes next year. middle income earners would see an increase of two grand. the wealthiest will pay more than $1,000 a month in taxes next year and yet no indication that either candidate has a plan to...
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just weeks away from now looms the so-called fiscal cliff, combination of automatic spending cuts and tax increases, mandated by law. within months of the fiscal cliff, congress will be asked to raise the nation's debt ceiling. around the same time, legislation will be needed to keep the government running as a continuing resolution underwhich we're currently operating expires. amid all of the short-term hurdles we face the greatest challenge of all, a massive debt that is smothering growth and exceeding the entire size of our economy. there will be many who will say that with the election over, we should confront the first of these challenges by simply letting the top two tax rates expire and pushing the sequester off to some other date. they would have us engaged in the same short-term temporary policies that have helped put us into this fix. and in essence they're saying let's have more of the same. let's agree to drive our economy off part of the fiscal cliff instead of driving it off the whole fiscal cliff and we'll call it a day. that might get us out of town, but it won't get u
just weeks away from now looms the so-called fiscal cliff, combination of automatic spending cuts and tax increases, mandated by law. within months of the fiscal cliff, congress will be asked to raise the nation's debt ceiling. around the same time, legislation will be needed to keep the government running as a continuing resolution underwhich we're currently operating expires. amid all of the short-term hurdles we face the greatest challenge of all, a massive debt that is smothering growth and...
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Aug 10, 2012
08/12
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fiscal cliff, major spending cuts likely ahead and that would mean a lot of companies. we know -- they are saying a lot of companies are not hiring because they are concerned about this federal spending cut and what that's going to mean. tell us about the economic numbers out. >> the economy has been the stop issue in the minds of americans since late 2007. that has not changed. we asked how people feel about the economy. look at these numbers, brand-new out this morning. the people who say the economy is starting to recover, that number has edged down from april of 24% to 19% now. and a 6-point jump in people who say the economy is getting worse. 33% in april. 9% now. who do they think will do a better job? the president or mitt romney? americans are divided. you can see, 31% say the economy will get better if the president wins re-election and equal amount say the same if romney wins and you can see at the bottom, 22% say it will not get better at all. you've seen both candidates say i will do the better job on the economy and really making the pitch to the middle cla
fiscal cliff, major spending cuts likely ahead and that would mean a lot of companies. we know -- they are saying a lot of companies are not hiring because they are concerned about this federal spending cut and what that's going to mean. tell us about the economic numbers out. >> the economy has been the stop issue in the minds of americans since late 2007. that has not changed. we asked how people feel about the economy. look at these numbers, brand-new out this morning. the people who...
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Nov 16, 2012
11/12
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. >>> it is game on for fiscal cliff talks. president obama and congressional leaders met today to kick start face to face negotiations. they have 46 days to cut a deal, otherwise massive tax hikes and spending cuts kick in january 1st. >> i think we're all aware we have some urgent business to do. we have to make sure taxes don't go up on middle class families, that our economy remains strong, that we're creating jobs, and that's an agenda that democrats and republicans and independents, people all across the country share. so our challenge is to make sure that, you know, we're able to cooperate together, work together, find some common ground, make some tough compromises, build some consensus, to do the people's business. >> chief business correspondent ali velshi joins me now live from new york. i think of thelma and louise and imagine congress in the front seat driving us off. what does he say about how to get ready for this huge economic pain? did he mention the r word, recession? >> well, he did. this is interesting becau
. >>> it is game on for fiscal cliff talks. president obama and congressional leaders met today to kick start face to face negotiations. they have 46 days to cut a deal, otherwise massive tax hikes and spending cuts kick in january 1st. >> i think we're all aware we have some urgent business to do. we have to make sure taxes don't go up on middle class families, that our economy remains strong, that we're creating jobs, and that's an agenda that democrats and republicans and...
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and the fiscal cliff, it is huge spending cuts. so hundreds of government programs will be cut dramatically. and it's massive, massive tax increases. the average family maybe making $50,000 a year, your taxes would go up $3,500. that would hurt. that would mean millions of jobs lost and probably a recession. >> $3,500 you don't invest in the stock market. >> this is why it's incredibly critical to the economy overall. congress holds the key. almost everyone thinks they're going to fix it in time. it will be an 11th hour fix and no one knows how they will fix it. that's what keeps the uncertainty going. >> with 30 seconds left, john boehner, speaker of the house, made some poignant comments with regard to who should be making an effort. >> he said he doesn't think a lame duck congress should be doing it. they shouldn't be doing big bills like this. the others say the only way you can get it done is if you don't have the risk -- >> of being fired. christine romans, thank you. there are a lot of warning lights and sounds vying for you
and the fiscal cliff, it is huge spending cuts. so hundreds of government programs will be cut dramatically. and it's massive, massive tax increases. the average family maybe making $50,000 a year, your taxes would go up $3,500. that would hurt. that would mean millions of jobs lost and probably a recession. >> $3,500 you don't invest in the stock market. >> this is why it's incredibly critical to the economy overall. congress holds the key. almost everyone thinks they're going to...
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Nov 17, 2012
11/12
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cuts at the end of the year, the so-called fiscal cliff. it was at the top of his agenda when he meet with the bipartisan congressional leadership on friday. >> what folks are looking for and i think all of us agree on this is action. they want to see we're focused on them, not focused on our politics here in washington. so my hope is that this is going to be the beginning of a fruitful process where we're able to come to an agreement that will reduce our deficit in a balanced way, that we will deal with some of these long-term impediments to growth and we're also going to be focusing on making sure that middle class families are able to get ahead. >> let's talk about it with our chief political analyst gloria borger and ron brownstein. this is the second time they have really tried to achieve this goal. the president is in a different position now. >> he is. if you just looked at the picture, you would say it's status quo in washington. the president got re-elected. the republicans maintain the majority in the house, democrats in the senat
cuts at the end of the year, the so-called fiscal cliff. it was at the top of his agenda when he meet with the bipartisan congressional leadership on friday. >> what folks are looking for and i think all of us agree on this is action. they want to see we're focused on them, not focused on our politics here in washington. so my hope is that this is going to be the beginning of a fruitful process where we're able to come to an agreement that will reduce our deficit in a balanced way, that...
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Jul 22, 2012
07/12
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it is either the fiscal cliff or it is 200% get to gdp ratio. we need policymakers who can signal to the world and signal to americans that they get it and they're going to try to fix it slowly and responsibly. i don't think anybody has heard that. right? >> no. of course. that is the call here. the call is to get out there as voters and look for and support those people who are running in your districts, not because they are democrats, not because they are republicans, not because they say get your hand off my entitlements, but because they are prepared to come up with a middle ground which is going to be the only solution. will cain accuses me of coming up with a new problem as i solve the most immediate problem and i wonder whether you ever played asteroids. when that asteroid is coming at you, you've got to shoot it. it is irrelevant that there are 86 more asteroids coming. i would love to not live in a world where we are playing with asteroids. >> the issue is what is the middle ground? how do we get from my long term solution to your short
it is either the fiscal cliff or it is 200% get to gdp ratio. we need policymakers who can signal to the world and signal to americans that they get it and they're going to try to fix it slowly and responsibly. i don't think anybody has heard that. right? >> no. of course. that is the call here. the call is to get out there as voters and look for and support those people who are running in your districts, not because they are democrats, not because they are republicans, not because they...
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we now have the fiscal cliff of both spending cuts that are substantial and retroactive along with tax hikes at the end of this year, beginning of next year, that need to deal with within the context of long term deficit reduction. >> so when you leave, and i say thank you, i want you to go to the green room. and her book is called the spirit of compromise. and i want you to explain why this uncertainty gets blamed on democrats by republicans. nobody is compromising. >> i would say this. i'll take it up with amy f before you throw a parade. you can also have uncertainty as a result of aauthoritarianism. >> you've got to be kidding me. >> just because you have one person or party that could get through whatever policies they wanted doesn't mean you get certain certainty. >> i got it. that's a good point. the president of the university of pennsylvania will be coming up to talk about partisan zip. i tweeted you to see who is more to blame? is it the politics, or is it the voters who put them there? always great to talk to you. christine romans, the host of "your bottom line", which you w
we now have the fiscal cliff of both spending cuts that are substantial and retroactive along with tax hikes at the end of this year, beginning of next year, that need to deal with within the context of long term deficit reduction. >> so when you leave, and i say thank you, i want you to go to the green room. and her book is called the spirit of compromise. and i want you to explain why this uncertainty gets blamed on democrats by republicans. nobody is compromising. >> i would say...
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cliff and that a lot of consumers are taking a wait and see approach, reluctant to go on a spending spree. >>> okay, i know you've got them, you've got questions about the fiscal cliff, so get them to me by tweeting them to me at my handle at allisoncossack and we'll handle as many as we can during our 5:00 hour. >>> now to the latest on that tragic story out of britain. the investigation continues into the apparent suicide of a nurse at the hospital where the duchess of cambridge is being streeted. she took a prank phone call from two radio deejays -- he called the whole thing truly tragic and also said that we are anxious to review the results of an investigation. the family of the nurse posted about her on facebook. her daughter wrote simply, i miss you, i love yochlt. >>> this dallas cowboys took the field against the cincinnati bengals without two players, linebacker jerry brown jr. was killed early yesterday when the car he was riding in hit a curb at high speed in irving, texas. police say the mercedes went 900 feet, flipped and caught fire. police say that nose tackle josh b
cliff and that a lot of consumers are taking a wait and see approach, reluctant to go on a spending spree. >>> okay, i know you've got them, you've got questions about the fiscal cliff, so get them to me by tweeting them to me at my handle at allisoncossack and we'll handle as many as we can during our 5:00 hour. >>> now to the latest on that tragic story out of britain. the investigation continues into the apparent suicide of a nurse at the hospital where the duchess of...
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>>> the fiscal cliff, the fiscal cliff, just 23 days away and if we go over it, automatic spending cuts will take effect, automatically, bam. todd schoenberger is back with me from new york. we spent some time taking questions from viewers who want 20 know how the fiscal cliff will affect them. what will make the headlines? >> bottom line is this, that is if nothing is resolved right now, we are looking at a 20% increase across the board for tax revenue for washington. and you hear a lot about these spending cuts but realistically, we won't see a whole lot of spending cuts, because this way this was actually createded, we would only see spending cuts of .25%. >> one coming from edgar, he says i'm not confused about the fiscal cliff, what i'm confused about is what taxes will be raised? >> that's right. well the payroll tax holiday, it was created in 2010, it had a two-year tax extension, it expires on december 31st. this is a 2% payroll tax that all americans were enjoying. if nothing is resolved, your first paycheck in january is going to be 2% lighter. that may not sound like a lot. b
>>> the fiscal cliff, the fiscal cliff, just 23 days away and if we go over it, automatic spending cuts will take effect, automatically, bam. todd schoenberger is back with me from new york. we spent some time taking questions from viewers who want 20 know how the fiscal cliff will affect them. what will make the headlines? >> bottom line is this, that is if nothing is resolved right now, we are looking at a 20% increase across the board for tax revenue for washington. and you...
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Sep 11, 2012
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with the fiscal cliff if it doesn't act we will fall off this so-called fiscal cliff meaning spending cuts would expire, taxes would go up, it would have a huge negative impact on gdp and such a bad impact that the congressional budget office has predicted we're going to fall into a recession which is negative growth. so, you know, to be honest here it will take more than just an iphone to pull us out of that hole. it would be a nifty feature if the iphone could walk through congress and say can you guys get off your doves and do something? >> wouldn't that be great? a lot of people are wishing they would do more than that. alison kosik thanks so much. we're going to take a short break. i was spotting, but i had already gone through menopause. these symptoms may be nothing... but they could be early warning signs of a gynecologic cancer, such as cervical, ovarian, or uterine cancer. feeling bloated for no reason. that's what i remember. seeing my doctor probably saved my life. warning signs are not the same for everyone. if you think something's wrong... see your doctor. ask about gyn
with the fiscal cliff if it doesn't act we will fall off this so-called fiscal cliff meaning spending cuts would expire, taxes would go up, it would have a huge negative impact on gdp and such a bad impact that the congressional budget office has predicted we're going to fall into a recession which is negative growth. so, you know, to be honest here it will take more than just an iphone to pull us out of that hole. it would be a nifty feature if the iphone could walk through congress and say...
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what is the fiscal cliff? it's spending cuts, all begins at the beginning of the year, a bush tax cuts expire, that means everyone's taxes would rise. alternative minimum tax patch goes away, the payroll tax holiday goes away. unemployment extension goes away. the congressional budget office says it would certainly push the u.s. into a recession. no one wants us to go there. the problem now is figuring out how to fix it. possible scenarios. you could have congress kick the can down the road. just extend current policy for six months. that would cast a shadow over the business community. you could fall off the fiscal cliff like paul krugman is suggesting. stocks would dive. i don't know how many days it would take them to do something and then boom congress would move and you could have this grand bargain on deficit reduction. they need a budget. they need to agree on how we're going to spend our money and invest. that's what these two have to agree on. what does it mean for you? if you go off the fiscal cliff,
what is the fiscal cliff? it's spending cuts, all begins at the beginning of the year, a bush tax cuts expire, that means everyone's taxes would rise. alternative minimum tax patch goes away, the payroll tax holiday goes away. unemployment extension goes away. the congressional budget office says it would certainly push the u.s. into a recession. no one wants us to go there. the problem now is figuring out how to fix it. possible scenarios. you could have congress kick the can down the road....
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Nov 11, 2012
11/12
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the fiscal cliff. we've got it covered from all angles as only cnn can. christine romans is host of cnn's "your bottom line." david walker spent a decade overseeing the federal government, how it spends your tax dollars as the u.s. comptroller general. today he's the ceo of comeback america and he's a deficit hawk. the ceo of pimco. his firm is one of the largest investors of bonds, and steve moore is a conservative, founder of club for growth and a writer at the wall street journal. i'm going to start with you, steven, my good friend. the fiscal cliff is an immediate threat. both parties need to come together to fix it, because not fixing it would set even fiscal conservatives back, don't you agree? >> yeah, and i think other conservatives agree that he don't want to go off this fiscal cliff, either. i think one hangup that will start on tuesday is the president will say, look, i was reelected to raise those tax rates on the rich, and you know what those republicans are saying in the house, ali? well, you know what, we were electing not to raise those ta
the fiscal cliff. we've got it covered from all angles as only cnn can. christine romans is host of cnn's "your bottom line." david walker spent a decade overseeing the federal government, how it spends your tax dollars as the u.s. comptroller general. today he's the ceo of comeback america and he's a deficit hawk. the ceo of pimco. his firm is one of the largest investors of bonds, and steve moore is a conservative, founder of club for growth and a writer at the wall street journal....
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Jul 12, 2012
07/12
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they are also worried about the so-called fiscal cliff of spending tax increases looming at the end of the year. the minutes of the fed show it's seriously considering new stimulus measures but it's not ready to do anything yet. and that's why u.s. stock futures are lower this morning. also concerns about slowing economic growth weighing on the markets today. and european markets are lower. a south carolina funeral home offering a new perk to mourners. a coffee shop that will brew starbucks coffee. it will be right next to the new chapel, and, yes, mourners will have to pay. the starbucks will be open to the public too if you're passing by. >>> today's "tough call." should movies feature people who are smoking? and if they do, should they be automatically rated r? if you look at popular movies like "the lord of the rings," "pulp fiction," they all show well-known actors smoking. and a new study which comes out of the journal of pediatrics says any movie that 2350e67s smoking should get an r rating. what they did was look at the effect of exposing kids to watching movies, and they found
they are also worried about the so-called fiscal cliff of spending tax increases looming at the end of the year. the minutes of the fed show it's seriously considering new stimulus measures but it's not ready to do anything yet. and that's why u.s. stock futures are lower this morning. also concerns about slowing economic growth weighing on the markets today. and european markets are lower. a south carolina funeral home offering a new perk to mourners. a coffee shop that will brew starbucks...
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Nov 10, 2012
11/12
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if we do fall off the cliff, what is the fiscal cliff? it basically means taxes are going to go up and government spending is going to go down and we could fall into recession. if you look at the way the market reacted on wednesday following the election, the dow dropped 300 points. sort of saying, suddenly the market has to face this fiscal cliff and if we do, we fall off the cliff, it is very bad for our economy. why? because we cannot grow. even though we have all this stimulus in the system pumping money, if the economy can't grow, what does it say for our country? we're just going to be in bad shape. >> so, with the u.s.'s debt situation, though, any way to get around these tax increases? >> i mean, it's tough to say at this point. but if you look at the market reaction, almost shocking. the polls were saying barack obama was so likely to win and then suddenly when the market went up just before the election as the market was banking on mitt romney and when the dow went down that much, the market is concerned. they only have the abil
if we do fall off the cliff, what is the fiscal cliff? it basically means taxes are going to go up and government spending is going to go down and we could fall into recession. if you look at the way the market reacted on wednesday following the election, the dow dropped 300 points. sort of saying, suddenly the market has to face this fiscal cliff and if we do, we fall off the cliff, it is very bad for our economy. why? because we cannot grow. even though we have all this stimulus in the system...
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cliff? a series of tax increases and spending cuts next year that could threaten the economic recovery. all that means is that the balance of power matters. >> reporter: in the republican wave of 2010 democrats lost control of the house, but they kept the senate. democrats control 53 seats in the 100 member chamber. republicans need four to take over if president obama wins re-election. three if governor mitt romney wins. since vice president paul ryan would serve as the tiebreaker. 33 seats are up for grabs. >> it's possible, although it's looking increasingly unlikely that republicans will be able to gain control of the senate. >> why is that? for one thing there's main republican olympia snowe's unexpected retirement from a body she described as hopelessly partisan. republicans will likely lose that seat. then there are the self-inflicted wounds like this comment from republican todd akin who is running in missouri. >> if it's a legitimate rape, the female body has ways to try to shut tha
cliff? a series of tax increases and spending cuts next year that could threaten the economic recovery. all that means is that the balance of power matters. >> reporter: in the republican wave of 2010 democrats lost control of the house, but they kept the senate. democrats control 53 seats in the 100 member chamber. republicans need four to take over if president obama wins re-election. three if governor mitt romney wins. since vice president paul ryan would serve as the tiebreaker. 33...
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they've got to figure out the fiscal cliff. it's massive, massive spending cuts, massive tax hikes that slam on the economy at the same time, would mean a lot of people out of work, factories close. they have to fix this and they're barely moving toward it. >> ali, fiscal cliff 101. a couple people tweeted me saying you keep talking about the fiscal cliff. >> it's a whole bunch of things that are not great that will going to happen at the same time. tax cuts are going to expire. the bush era tax cuts. certain benefits and credits are going to go away. and they're going to be the sequestration, which as you know is a stupid name for a stupid thing but it was the deal they made for the debt limit increase that said if 12 of you can't make a deal, then we're going to cut 10% across the board in everything. >> the debt ceiling and then they attached a suicide note and that's basically what it is. >> military spending and -- >> all cutting across the board. which is not what you do in an economy like this. spending cuts are necessar
they've got to figure out the fiscal cliff. it's massive, massive spending cuts, massive tax hikes that slam on the economy at the same time, would mean a lot of people out of work, factories close. they have to fix this and they're barely moving toward it. >> ali, fiscal cliff 101. a couple people tweeted me saying you keep talking about the fiscal cliff. >> it's a whole bunch of things that are not great that will going to happen at the same time. tax cuts are going to expire. the...
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Nov 11, 2012
11/12
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there are just 51 gaze left until we would go over the so-called fiscal cliff. that is the $7 trillion in automatic spending cuts and tax increases that could go into effect in january, so as washington contemplates its own fiscal responsibility, one group is hoping to make it work on a more personal level right at home. operation hope says its mission is to promote financial dignity in underserved communities, and joining me now is john hope bryant, the group's founder and serves on the president's advisory council on financial capability and former u.n. ambassador andrew young, a global spokesperson for operation hope. you are welcome to both of you. you are having a summit here in atlanta this week. tell me, first, john, about the group's mission and about the summit a little bit. >> well, our mission is very humbly trying to continue some work that dr. martin luther king was doing when he passed on to a better place. he was focused on the poor people's campaign in 1968, and his last book was where we go from here, chaos or community, and i think these are th
there are just 51 gaze left until we would go over the so-called fiscal cliff. that is the $7 trillion in automatic spending cuts and tax increases that could go into effect in january, so as washington contemplates its own fiscal responsibility, one group is hoping to make it work on a more personal level right at home. operation hope says its mission is to promote financial dignity in underserved communities, and joining me now is john hope bryant, the group's founder and serves on the...
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goes over the fiscal cliff. what's a fiscal cliff? it's a huge tax increase, huge tax increases and huge spending cuts that hit at beginning of january. the bush tax cuts would go away, the amc patch would go away, a whole bunch of things would go away, ashleigh, and that's going to look like for your tax bill next year if we go over the fiscal cliff. >> what's the reality? what is the actual chance this is going to hit us all right smack in the wallet? >> well, we hope, we hope that senators are working on this, right, and they know they've got to get this fixed. it would be disastrous, it would cause a recession. >> "new york times" say, eh, they're talking. >> they're starting to talk about what kind of framework, et cetera, et cetera. this is what it looks like. you've got economists surveyed by cnn money who say basically none of them think we'll go over the fiscal cliff. why? because it's so dangerous. 14 of 17 economists surveyed say falling off a fiscal cliff will mean a recession. 12 said the fiscal cliff is the biggest risk
goes over the fiscal cliff. what's a fiscal cliff? it's a huge tax increase, huge tax increases and huge spending cuts that hit at beginning of january. the bush tax cuts would go away, the amc patch would go away, a whole bunch of things would go away, ashleigh, and that's going to look like for your tax bill next year if we go over the fiscal cliff. >> what's the reality? what is the actual chance this is going to hit us all right smack in the wallet? >> well, we hope, we hope...
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listen. >> there's an alternative to going over the fiscal cliff. by working together and creating a fairer, simpler, cleaner tax code, we can give our country a stronger, healthier economy. a stronger economy means more revenue, which is what the president seeks. >> this isn't something that i'm going to draw the lines in the sand, he's not going to draw any lines in the sand, i don't believe, and i think we need to work together. >> the president will also have to contend with a major staff shake up. secretary of state hillary clinton and treasury secretary tim geithner have both said they're ready to move on, and there are also indications that mary schapiro will follow suit as well. dan lothian is following all these developments. good morning, dan. >> reporter: good morning. that's the game, i guess, that's played every time you have transition, every four years or so, inside washington. you start talking about what names will be replacing those who will be leaving. nothing official from the white house on this kind of movement, but one of the
listen. >> there's an alternative to going over the fiscal cliff. by working together and creating a fairer, simpler, cleaner tax code, we can give our country a stronger, healthier economy. a stronger economy means more revenue, which is what the president seeks. >> this isn't something that i'm going to draw the lines in the sand, he's not going to draw any lines in the sand, i don't believe, and i think we need to work together. >> the president will also have to contend...
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Sep 22, 2012
09/12
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. >> the fiscal cliff will take care of the defense spending. >> we've got to hit not just discretionary spending for health and welfare and education and transportation that we all benefit from, we've got to hit those areas like atomic weapons where we still are fighting the cold war so there's a lot that can be done to reduce taxes without cutting into the things that we really care about. >> let's show the federal government budget breakdown. the biggest part of the government breakdown, medicare, social security, defense are next and the other safety net programs, food stamps and affordable housing and interest payments on our debt, incredibly important. everything else goes into the remaining 20%. we'll grant hypothetical second term to obama, what do you start cutting, compassionately what do you start cuting? >> i don't know that you can cut compassionately and i don't know if obama will cut at all. this spending has been sanctioned by the american people, that they have said they wanted that high level of spending. they have also said continuously they want low levels of taxation
. >> the fiscal cliff will take care of the defense spending. >> we've got to hit not just discretionary spending for health and welfare and education and transportation that we all benefit from, we've got to hit those areas like atomic weapons where we still are fighting the cold war so there's a lot that can be done to reduce taxes without cutting into the things that we really care about. >> let's show the federal government budget breakdown. the biggest part of the...
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Nov 13, 2012
11/12
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because of this gridlock with the fiscal cliff. and yet, we're not really hearing from small business leaders, which we heard a lot about on the campaign trail. do they get a say in this? >> i think the white house would say that small business leaders do get a say in this. now, tomorrow, it is the bigger companies, you're right. pepsi will be here, chevron will be here, xerox will be here. and some of these business leaders are folks who did support president obama in his reelection. the hope here for the white house is that some of these leaders who are actually supporting an increase in taxes for wealthier americans, some of whom would be businesses that that will perhaps give some house republicans some cover to say, okay, you know business, if some business is behind this, maybe we can go along with it. i think the white house right now feels like they have a lot of leverage i'll tell you i spoke with a republican source who didn't think the support of some of these business leaders is really going to convince the house republ
because of this gridlock with the fiscal cliff. and yet, we're not really hearing from small business leaders, which we heard a lot about on the campaign trail. do they get a say in this? >> i think the white house would say that small business leaders do get a say in this. now, tomorrow, it is the bigger companies, you're right. pepsi will be here, chevron will be here, xerox will be here. and some of these business leaders are folks who did support president obama in his reelection. the...
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is going to fall over this fiscal cliff. tax increases and budget cuts that hit at the beginning of the year, the countries, as you know, largest teachers union, they say that will mean 8% spending cuts for education, 80,500 job losses. what's your contingency plan? what happens to the department of education and public school education if we go over the fiscal cliff? >> it's very simple. children will get hurt. there's no upside to having many less children have access to head start. there's no upside in investing less in poor children, students with disabilities. there's no upside to seeing class size explode. no less side to less extra cricklers, no upside to having less access to pell grants so they can go to community college, tour year college, be a productive citizen and participate in the economy. we have to do the right thing. we fundamentallily think of education as investment, not expense. we have to invest in reform not in the status quo. >> would you think there's a risk we really go off the fiscal cliff? do you
is going to fall over this fiscal cliff. tax increases and budget cuts that hit at the beginning of the year, the countries, as you know, largest teachers union, they say that will mean 8% spending cuts for education, 80,500 job losses. what's your contingency plan? what happens to the department of education and public school education if we go over the fiscal cliff? >> it's very simple. children will get hurt. there's no upside to having many less children have access to head start....
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america goes off the fiscal cliff in 25 days triggering massive tax hikes and spending c cuts. >>> no sign of president obama, the first lady, sash has or malia, this year it's all about bo. the card was designed by iowa artist and dog lover lorissa cable. >>> a holiday surprise for some walmart shoppers in south florida. secret santas paid off their layaway bills. >> my layaway is paid? >> yep. the rest of your balance is paid off. >> are you serious? >> yes, very serious. you no longer own a balance. >> tell santa thank you very much! >> an athletic club pitched in $500 which helped six families. several layaway shoppers say they wish they could meet their secret santas to give them a hug and kiss and say thank you. >>> time for your early reads. your local news making national headlines. we begin with tacoma's news tribune which says day one of legalized marijuana was pretty chill. there were no run on doritos, increased in car wrecks, no crazy displays of joy. >>> to florida, the sun sentinel newspaper, florida wildlife officials announcing the 2013 python challenge. it's a huntin
america goes off the fiscal cliff in 25 days triggering massive tax hikes and spending c cuts. >>> no sign of president obama, the first lady, sash has or malia, this year it's all about bo. the card was designed by iowa artist and dog lover lorissa cable. >>> a holiday surprise for some walmart shoppers in south florida. secret santas paid off their layaway bills. >> my layaway is paid? >> yep. the rest of your balance is paid off. >> are you serious?...
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Dec 10, 2012
12/12
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or else automatic spending cuts and tax hikes will kick in and with the fiscal cliff looming, our consumers feeling at all concerned? christine romans joins us now from new york with that. good morning, christine. >> good morning, ted. first, let me tell you what's going right in the economy for consumers. there's a whole host of things. the job markets, 7.7% unemployment, the lowest in four years. you've got the housing market showing signs of recovery. rising home values in much of the country. gas prices, did you notice? they're down 46 cents over the past couple of months. they're expected to keep going lower and the dow is up 20 points now. the dow is above 1,300 and the s&p 500 is up 12% this year. so, what could go wrong? fiscal cliff. this is something weighing op consumer sentiment and we're starting to see it in the weekly -- look at this -- 39% said it would affect it some. they don't seem to have much faith in congress to fix it and any time except 11th hour and maybe a week into the new year and there's this payroll tax holiday that most people have been enjoying now for well o
or else automatic spending cuts and tax hikes will kick in and with the fiscal cliff looming, our consumers feeling at all concerned? christine romans joins us now from new york with that. good morning, christine. >> good morning, ted. first, let me tell you what's going right in the economy for consumers. there's a whole host of things. the job markets, 7.7% unemployment, the lowest in four years. you've got the housing market showing signs of recovery. rising home values in much of the...
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. >>> the one thing you need to know about your money, 118 days until the fiscal cliff, when huge spending cuts and tax increases ougautomatically go i effect. it will mean smaller paychecks and up to 2 million jobs lost. the cbo says the fiscal cliff will cause a recession in the first half of next year. what are your elected officials saying about this? crickets. time is running out. big deal happening next year. once we get through election, maybe they'll try to fix it. >> can we end on a positive note? >> i want to positively encourage congress and both parties to fix the fiscal cliff. >> get it together. thank you very much. >> it is 26 minutes past the hour. let's go to john berman live in charlotte for the democratic national convention. do you hear crickets? >> we hear them all the way down here. you were also talking about the middle class and the middle class is such a key part of the democratic party platform. ? just a moment, we'll talk to a key member of the party platform committee represent tiative bara lee. we're live from the cnn grill at the democratic national convention
. >>> the one thing you need to know about your money, 118 days until the fiscal cliff, when huge spending cuts and tax increases ougautomatically go i effect. it will mean smaller paychecks and up to 2 million jobs lost. the cbo says the fiscal cliff will cause a recession in the first half of next year. what are your elected officials saying about this? crickets. time is running out. big deal happening next year. once we get through election, maybe they'll try to fix it. >> can...
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Dec 10, 2012
12/12
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you know about the tax hikes and spending cuts that will kick in when we reach that fiscal cliff. you might not know what could happen to the food we eat. we'll take a look coming up. there are plenty of reasons to be jolly at the chevy year-end event because chevy's giving more. more efficiency with sonic and cruze... more function in equinox and traverse... more dependability with the legendary silverado... and more style in the all-new malibu. chevy's giving more at the year-end event because 'tis the season. chevy's giving more. this holiday season, get a 2013 cruze ls for around $169 per month or get $500 holiday bonus cash. [ nyquil bottle ] just reading your label. wait...you relieve nasal congestion? sure don't you? [ nyquil bottle ] dude! [ female announcer ] tylenol® cold multi-symptom nighttime relieves nasal congestion. nyquil® cold and flu doesn't. gives you 1% cash back on all purchases, plus a 50% annual bonus. and everyone...but her likes 50% more cash. but i'm upping my game. do you want a candy cane? yes! do you want the puppy? yes! do you want a tricycle? yes!
you know about the tax hikes and spending cuts that will kick in when we reach that fiscal cliff. you might not know what could happen to the food we eat. we'll take a look coming up. there are plenty of reasons to be jolly at the chevy year-end event because chevy's giving more. more efficiency with sonic and cruze... more function in equinox and traverse... more dependability with the legendary silverado... and more style in the all-new malibu. chevy's giving more at the year-end event...
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but first the fiscal cliff. unless congress act, the spending cuts and tack increases that would be triggered automatically next january would take 5.1% out of the country's gdp in one year according to the congressional bucket office. that would be one of the most severe experiments with austerity in history, larger than anything greece, spain, italy, or the united kingdom has tried. in fact, it's almost three times the size of britain's austerity program. and the results of those european programs have thus far been a dramatic slowdown in economic growth and a sharp spike in unemployment. once again, the rhett of the world watches to see if the united states, the center of the global economy, will actually commit economic suicide. the most puzzling aspect of our dilemmas is how manageable they are. unlike greece or spain or even britain, the united states has a fundamentally healthy economy. we have problems, but we have solutions to them. the true virtue of the simpson-bowles deficit reduction plan is that it
but first the fiscal cliff. unless congress act, the spending cuts and tack increases that would be triggered automatically next january would take 5.1% out of the country's gdp in one year according to the congressional bucket office. that would be one of the most severe experiments with austerity in history, larger than anything greece, spain, italy, or the united kingdom has tried. in fact, it's almost three times the size of britain's austerity program. and the results of those european...
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Jul 29, 2012
07/12
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CNN
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the fiscal cliff is crazy. on the other hand, it's not a free lunch just expanding, digging ditches. you need to have, you know, things that you're spending on that make sense. there's a lot of things congress could do but doesn't do. and that is simplifying the tax system would help a lot and making it fair at the same time. we could improve the infrastructure. we have this incredible bonanza from energy, from the gas revolution, that might make us an oil exporter for a little while. we could bring manufacturing back. but everything sort of frozen at the moment because the government is so paralyzed. >> but everything is frozen. all of the measures that ken talk about, broad agreement needs to be done. with all due respect, they're not abstract. these are problems that must be dealt with and the reason they're not is because we're always dealing with emergency situations. we're always dealing with the next fiscal cliff, the next need for quantitative easing. these are things that i have not opposed, but we alw
the fiscal cliff is crazy. on the other hand, it's not a free lunch just expanding, digging ditches. you need to have, you know, things that you're spending on that make sense. there's a lot of things congress could do but doesn't do. and that is simplifying the tax system would help a lot and making it fair at the same time. we could improve the infrastructure. we have this incredible bonanza from energy, from the gas revolution, that might make us an oil exporter for a little while. we could...
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fiscal cliff is automatic spending cuts and tax increases, 30% on average fper family. congress is running out of time to fix it. >> how often have we said that? congress is running out of time. >> they're not doing anything, though, unless they're running out of time. >> sometimes they still don't do anything. >> even after they run out of time. tough call this morning. one high school in germany, elsa branstrom. they've done away with with homework. it comes out to a 44-hour workweek or school week, doing aaway with homework. they want to give kids a chance to unwind a bit. and the quote is this. the teacher, head teacher says no child would be having their free time dominated by doing school work. they'll do more of their school work in class. >> 44-hour school week, they better not have school work. >> at the end of the day they're in a structured environment, that's really what the focus is. and so we could actually learn from that as opposed to saying, leave. go away and then we'll see what happens. come back. you don't have your homework. >> my oldest kid is 4 ye
fiscal cliff is automatic spending cuts and tax increases, 30% on average fper family. congress is running out of time to fix it. >> how often have we said that? congress is running out of time. >> they're not doing anything, though, unless they're running out of time. >> sometimes they still don't do anything. >> even after they run out of time. tough call this morning. one high school in germany, elsa branstrom. they've done away with with homework. it comes out to a...
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Nov 16, 2012
11/12
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CNN
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both sides blaming the other for a lack of action on that fiscal cliff. when taxes duoup and spending gets slashed. today, the rhetoric was ratch ratcheted up another notch as mitch mcconnell slammed the president's plan. >> an opening bid of $1.6 trillion in new taxes just isn't serious. it's more than simpson bowles or more than any other commission has called for. it's twice as much as the white house seemed ready to agree to during last summer's debt ceiling talks. a joke. >> dick durbin joins me now. good to see you. it's a joke. what do you think? >>. >> i think senator mcconnell needs to take another look at the report. i severed on that commission. a reduction of $4 trillion came from revenue. it was in the range of $1.6 trillion. >> you talk about 1.6 trillion. there's ways to get there in ways that don't necessarily raise tax rates. you could cap deductions at $35,000 and have the estate tax go back to where it was and get $1.3 million. i'm simply making the point there's a loft ways to get there that don't involve raising tax rates. is that a c
both sides blaming the other for a lack of action on that fiscal cliff. when taxes duoup and spending gets slashed. today, the rhetoric was ratch ratcheted up another notch as mitch mcconnell slammed the president's plan. >> an opening bid of $1.6 trillion in new taxes just isn't serious. it's more than simpson bowles or more than any other commission has called for. it's twice as much as the white house seemed ready to agree to during last summer's debt ceiling talks. a joke. >>...
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Nov 17, 2012
11/12
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CNN
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what was the fiscal cliff? it was a trigger in the debt ceiling debate. they like them, and it makes you wonder, are we going to be dealing with fiscal cliff 2.0 next year? we might. >> thank you very much. >>> rebuilding the republican party. following some big election day losses, the question remains, what exactly is the republican party's future? former congress carlos gutierrez that led latino voters spoke to candy. he said he would disavow comments made by mitt romney about so-called gifts from president obama to minoritieses and young voters to help him win. >> i was shocked. i was shocked, and frankly, i don't think that's why the republicans lost the elections, why we lost the election. i think we lost the election because the far right of this party has taken the party to a place that it doesn't belong. we are the party of prosperity of growth, of tolerance. these immigrants who come across and what they do wrong is they risk their lives and they come here and work because they want to be part of the american dream. that is what the gop is. >> j
what was the fiscal cliff? it was a trigger in the debt ceiling debate. they like them, and it makes you wonder, are we going to be dealing with fiscal cliff 2.0 next year? we might. >> thank you very much. >>> rebuilding the republican party. following some big election day losses, the question remains, what exactly is the republican party's future? former congress carlos gutierrez that led latino voters spoke to candy. he said he would disavow comments made by mitt romney about...
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Nov 11, 2012
11/12
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but first, that fiscal cliff. those tax cuts and spending hikes scheduled to take place at the end of the year unless congress acts. president obama and john boehner picked up where they left off in dueling public appearances where both sounded conciliatory but didn't seem to budge much. you must add to the president's to-do list one more thing. he needs a cia director after general david petraeus resigned, admitting to an extramarital affair. joining me now is new jersey democrat senator robert menendez. and in new york congressman peter king who is chairman of the house homeland security committee. good morning, senator. it's good to see you. let me start out with the petraeus matter. do you believe that this leaves a big hole in military intelligence operations or can they carry on smoothly? >> well, mike morell who is the second in charge is an excellent individual, has the president's confidence and can carry on in the interim. obviously, general petraeus was a tremendous asset at the cia. it's unfortunate. i
but first, that fiscal cliff. those tax cuts and spending hikes scheduled to take place at the end of the year unless congress acts. president obama and john boehner picked up where they left off in dueling public appearances where both sounded conciliatory but didn't seem to budge much. you must add to the president's to-do list one more thing. he needs a cia director after general david petraeus resigned, admitting to an extramarital affair. joining me now is new jersey democrat senator...
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Nov 18, 2012
11/12
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CNN
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talk about the fiscal cliff, the u.s. is a month and a half away from going over this so-called fiscal cliff and negotiations have begun, but voters are skeptical that a deal will be reached before the end of the year. here's political correspondent paul steinhauser. >> good morning. >> i think we're all aware that we have some urgent business to do. >> the president, as he sat down at the white house friday with top congressional leaders from both parties. americans agree. more than 82% say it's extremely important for congress to reach a deal. >> our challenge is to make sure that, you know, we are able to cooperate together. >> and i believe that we can do this and avert the fiscal cliff that is right in front of us today. >> and that's what most people want they should vote to equally compromise to prevent tax cuts and hikes to start to kick in at the beginning of the year. what do they want? 45% say it should be about half spending cuts and half tax increases with about 40% saying it should be mostly or only spending
talk about the fiscal cliff, the u.s. is a month and a half away from going over this so-called fiscal cliff and negotiations have begun, but voters are skeptical that a deal will be reached before the end of the year. here's political correspondent paul steinhauser. >> good morning. >> i think we're all aware that we have some urgent business to do. >> the president, as he sat down at the white house friday with top congressional leaders from both parties. americans agree....
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cliff arising from scheduled federal spending cuts and tax increases set for the end of 2012. well they better hurry up because in nine days president obama is going to go turnovers asia with stops in thailand, myanmar and cambodia. steve rattner is the steering committee for fix the debt and stephen moore senior economics writer. i appreciate you both taking the time. this is a tough time for the country and one where everyone will rise to the occasion and we'll have a hasn't ending. john boehner said in that interview with diane sawyer on abc news he's the most reasonable responsible person here in washington. does that sound reasonable? >> i've been interviewing a lot of people on the republican side and i would agree with your assessment right now it appears both side are exactly where they were back a year ago august when we were up against that debt ceiling. not a lot has changed. president obama is going make the case that look i won the election and i ran on raising the tax rates on the rich. but the republicans in the house said wait we won our election and we won on
cliff arising from scheduled federal spending cuts and tax increases set for the end of 2012. well they better hurry up because in nine days president obama is going to go turnovers asia with stops in thailand, myanmar and cambodia. steve rattner is the steering committee for fix the debt and stephen moore senior economics writer. i appreciate you both taking the time. this is a tough time for the country and one where everyone will rise to the occasion and we'll have a hasn't ending. john...
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Nov 14, 2012
11/12
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CNN
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. >> if congress fails to act, starting january 1st, we could go over the fiscal cliff. automatic spending cuts will kick in, reducing federal spending by $1.2 trillion over ten years. everything from defense to education to food safety to environment programs all impacted. the bush era tax cuts will expire with a hike in tax rates for all brackets. 26 million more taxpayers will be hit with the amt. the payroll tax holiday expires and the federal unemployment benefits extension will also expire. the nonpartisan congressional budget office says that would cause the economy to contract and push unemployment over 9%. david cody, one of those that took part in the meeting, says if a compromise can't be reached, it could send a very bad message to the markets. >> you could have a recession far greater than forecasted because now you get to this crisis of confidence that says my god, those guys can't govern at all anymore. the most fiscally responsible big nation in the world just can't govern itself, so what hope do you have? >> if congress does not act, growth will stall. j
. >> if congress fails to act, starting january 1st, we could go over the fiscal cliff. automatic spending cuts will kick in, reducing federal spending by $1.2 trillion over ten years. everything from defense to education to food safety to environment programs all impacted. the bush era tax cuts will expire with a hike in tax rates for all brackets. 26 million more taxpayers will be hit with the amt. the payroll tax holiday expires and the federal unemployment benefits extension will also...